Gujarat Energy (GUJENERGY) Q4 17/18 earnings summary

Executive summary

• FY2017-18 revenue from operations was ₹6,339.35 crore; standalone PAT rose to ₹291.36 crore from ₹219.50 crore, while total comprehensive income reached ₹251.24 crore.

• Network leadership continued across 22 districts, with ~21,640 km of pipelines, 12.5 lakh residential customers, 13,440+ commercial customers, 291 CNG stations and 3,300+ industrial units.

Financial highlights

• Total income was ₹6,375.03 crore vs ₹5,264.19 crore; revenue from operations was ₹6,339.35 crore vs ₹5,237.87 crore.

• Operating profit before exceptional items and tax was ₹462.84 crore vs ₹303.33 crore; finance costs were ₹196.08 crore and depreciation/amortisation ₹271.82 crore.

• Net profit was ₹291.36 crore vs ₹219.50 crore; EPS was ₹21.16 vs ₹15.94. OCI was negative ₹40.12 crore, leaving total comprehensive income of ₹251.24 crore vs ₹176.83 crore.

• Operating cash flow was ₹782.92 crore vs ₹700.98 crore; capital expenditure payments for PPE and intangibles were ₹458.85 crore.

Outlook and guidance

• Priorities include deeper PNG domestic, PNG commercial and CNG penetration in existing areas, plus faster network rollout in newly acquired geographic areas.

• Government policy targets raising natural gas to 15% of India's primary energy mix by 2022; national pipeline expansion and CGD coverage growth support sector demand.

• Expansion opportunities include the 9th CGD bid round and a target to connect at least 35,000 AAY/BPL households through Gujarat's PNG Sahay Yojna.